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Recharge Wrap-up: Fisker owner Wanxiang owns a lot of US real estate, carmakers gaming EU emissions system

Wanxiang Group says it might now be China's largest corporate investor in American real estate. The owner of both Fisker Automotive and battery company A123 Systems, and parts supplier to Mazda and Chrysler, Wanxiang has invested in over 60 projects in the US since 2010. Returns on those investments have been "very, very, very" high, according to Wanxiang America President Pin Ni. "We can invest in clean energy, auto, real estate or anything, but the key is pegging it well to the economic cycle," says Ni. Read more at Bloomberg. Cars sold in 2014 in Europe are exceeding 2015 targets for emissions, but not necessarily for the right reasons. The cars produce 2.6 percent (or 123.4 g/km) less CO2 than cars sold in 2013, which is nearly 7 g/km less than 2015 targets. Unfortunately, these results are influenced in part by manufacturers taking advantage of flaws in the EU testing procedures for better results. Real-world fuel economy is about 31 percent less than official ratings. "These figures need to be treated with extreme caution," says Greg Archer, clean vehicles manager at Transport & Environment. Most of the measured improvement is being delivered through manipulating tests, not delivering real-world improvements. We need the new test to be introduced without further delay." Read more at DieselNet, or from Transport & Environment. Ballard will supply fuel cell modules for eight hydrogen-powered buses in China. Shipping later this year, the FCvelocityTM-HD7 power modules will power buses in multiple Chinese for cities. "We are now beginning to see meaningful evidence of growing demand for clean energy mass transportation alternatives in China, including both buses and trams," says Ballard President and CEO Randy MacEwen. "This demand is being driven by a pressing need to address China's challenging air quality issues, for which fuel cell technology is seen as an emerging option." Read more from Ballard in the press release below. Ballard Inks Deal to Supply Next-Generation Fuel Cell Power Product For Eight Buses in China April 15, 2015 Vancouver, Canada – Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) today announced that it has received an order from a Chinese customer to supply its next-generation FCvelocityTM-HD7 power modules for 8 buses to be deployed in a number of Chinese cities. Ballard expects to ship all of the modules in 2015.

Fisker creditors want a repayment do-over

In February, the Chinese company Wanxiang won control of Fisker Automotive at a bankruptcy auction for a final bid of $149.2 million. The sale meant that Wanxiang would now have to deal with all of the creditors claiming that Fisker owed them money. Those individuals and groups had a combined $1 billion in claims, and they're not happy with how the bankruptcy is shaking out. In April, a settlement was announced that would see those unsecured creditors get back pennies on the dollar. The unsecured creditors are telling the bankruptcy court that they want the judge to take away control of the bankruptcy proceedings from Fisker and implement a new repayment plan. The request was filed by a committee representing the creditors, which said it could have the new plan submitted in a matter of days, if the judge agrees with the request. The committee says there are "unreasonable demands" in the current repayment plan, such as a big paycheck for Fisker's chief restructuring officer, worth $750,000. If the judge allows the unsecured creditors to file a new plan, it will result in the "best possible outcome," the filing said. We admit we're feeling a bit confused and dragged along by the Fisker bankruptcy proceedings. And we're quite sure that the new owners have got to be fed up as well, since they're likely to be in a bit of a time crunch if the company's really going to re-start Karma production next year.

Fisker assets will be auctioned tomorrow, here's the situation today

The remains of Fisker Automotive - which might not even include the name and logo - are supposed to finally be sold off tomorrow, but the scene before the auction is anything but clear. As as reminder, the two bidding parties are Wanxiang and Hybrid Tech Holdings. Hybrid Tech was denied an emergency motion in court last week that would have lifted an earlier ruling that limited how much debt it can use to try and buy Fisker. The limit remains at $25 million. Bloomberg says that the winner's spoils are not so much the cars or the design but the 36 patents involved (about half are pending) as well as an established vehicle brand in both the US and China. The chief economist for the National Automobile Dealers Association, Steven Szakaly, told Bloomberg that, "[the auction is] not about the manufacturing, It's about the intellectual property." The patents include things like the electric drivetrain tech, the solar technology and the design of the mustache grille. Fisker executives have been hit with a $20-million lawsuit that claims they misled investors. And because lawsuits are easier to get than a DOE loan, a number of Fisker executives and the company's legal team have been hit with a $20-million lawsuit that claims Fisker misled investors. The Wall Street Journal reports that Fisker is accused of withholding information that would have given a clearer picture of Fisker's financial situation. According to the WSJ, the lawsuit says the Fisker team kept the negative news quiet, "because they needed huge sums of additional cash to fund Fisker Automotive to position the Company for a sale or an initial public offering...without plaintiffs' and other investors' money, Fisker Automotive was not a viable company." Meanwhile, Hybrid Tech Holding has hired a former Ford executive, Martin Leach, to be better prepared to manage the Fisker assets should Hybrid Tech win tomorrow. Leach told Reuters that he has been working on a business plan "for months," and it starts with the company taking care of current Karma owners and re-engaging suppliers. The most difficult challenge, we imagine, will be with A123 Systems, which supplied the Karma's batteries but was bought by Wanxiang over a year ago. Leach said that Hybrid could get new batteries from Boston Power. Featured Gallery Fisker Atlantic News Source: Bloomberg, The Wall Street Journal, Reuters, AP Green Fisker Electric Hybrid PHEV lawsuit fisker atlantic martin leach